Record Number of NFTs Minted by Solana Chain Amid First SEC Enforcement Attempt against NFT
Notable Chinese journalist Colin Wu tweeted recently on historic advancements in the realm of non-fungible tokens (NFT) based on the Solana blockchain. Wu said that in August, Solana minting volume for its ultra-low-cost Compressed NFTs surpassed 15.6 million.
According to the Chinese reporter, this is a new high for ultra-cheap Compressed NFTs. Wu also revealed that the NFTs spent just 82 SOL on the impressive achievement. At today’s stock price of $19.47 for SOL, the total amount of fees is $1,596.
Solana’s new ultra-low-cost Compressed NFT is an important feature since it drastically cuts down the price of minting NFTs on the Solana blockchain. Each NFT’s on-chain data is compressed as a result.
Wu also disclosed that the sum of all Solana-compressed NFTs had increased to about 78 million. With that number, it surpassed its uncompressed competitors. Wu said that the compressed NFTs made up 55.62 percent of all NFTs on Solana’s network, citing statistics from a monitoring platform.
They made a sizable monthly sales contribution as well. In fact, 21.5% of Solana NFTs’ August sales volume was comprised of compressed NFTs. Coincident with this expansion is the first enforcement action taken by the United States regulator against non-fungible tokens.
A well-known Web 3.0 firm was penalized by U.S. authorities on Monday for issuing NFTs. California-based media business Impact Theory is under doubt. According to reports, the company made close to $30,000,000 in revenue from the sale of its three levels of NFT products.
The U.S. Securities and Exchange Commission has declared NFT transactions to be unlawful on the grounds that they represent unregistered securities offers. This was the SEC’s first action specifically addressing the NFT industry.
